Editorial: What Bill Weld is selling now

Friday

Jun 22, 2007 at 12:01 AMJun 22, 2007 at 10:19 PM

Bill Weld is welcome at the State House, but lawmakers should be skeptical about what he's selling.

for release Sunday, June 24

With his long body and red hair, Bill Weld stands out in any crowd, and the last place the former governor could expect to travel incognito was the Massachusetts State House. So once Weld was spotted working the halls, people started wondering what he was up to. They soon learned that, like so many other former elected officials, Weld was putting his name, network and talents at the service of clients with an interest in governmental affairs.

More succinctly, Weld is now a lobbyist. So Secretary of State Bill Galvin properly notified him that he must register as such in order to legally glad-hand state officials. As long as he does that, we have no problem with how Weld makes his living.

We do have a problem with what he's selling.

Weld, back with his old law firm after New Yorkers declined to take seriously his bid to be governor of the Empire State, represents Lehman Brothers, the Wall Street investment firm, which has an interest in purchasing large pieces of state government, including the Mass. Turnpike and the state Lottery.

Weld pushed hard on privatizing state services while governor - so hard that it inspired the unfortunate Pacheco Law, which makes such initiatives all but impossible. We're not opposed to privatization as such; there's nothing wrong with using private contractors to pave highways, run college cafeterias or provide services to the poor or disabled.

But selling off a revenue stream to the highest bidder is another question entirely. Once it is privately owned, what incentive would there be for the Mass. Pike to reduce tolls? Why would a private operator of the Lottery care about maximizing the revenue the Lottery provides to cities and towns? A private company's first responsibility is to maximize profits to their shareholders.

The reason Weld's clients are interested is because they think there are profits to be made from state assets. But that's money that comes out of our pockets. If there's money to be saved through efficiency, the public should benefit, not Lehman Brothers.

This latest twist on privatization has become a national fad, as states sell the rights to run toll roads and other state operations for billions up front. It is both short-sighted and profoundly irresponsible for politicians, too cowardly to raise honest taxes to cover today's expenses, to sell off assets and deny future generations of leaders control over critical services and important revenue streams.

Bill Weld is welcome at the State House, but lawmakers should be skeptical about what he's selling.